SoFi

Siding helps protect your home from weather and pests and plays a major role in the look of your home. If yours has seen better days, or you’ve never liked the look of your siding, it may be time to consider replacing it. Yes, it can be a big (i.e., expensive) job, currently averaging $11,529, according to the home improvement site Angi. But you will likely get a significant portion of what you spend back when you sell your home, since this home renovation generally has a high return on investment (ROI).

Read on for a look at a few different siding ideas at a variety of price points and their expected ROI.

Eco-Friendly Options

One way to live more sustainably is to choose eco-friendly siding options that reduce the carbon footprint of the project. For example, using recyclable siding materials is one way to be more environmentally friendly, as is selecting material known to be more energy-efficient.

Wood can be a good choice because it’s a renewable and sustainable material that can be sourced locally. Manufacturing processes of wood siding can be more environmentally friendly as well.

Aluminum or steel siding can be a green choice when made from recycled materials. It’s also considered to be an energy-efficient option since metal reflects the sun’s rays, unlike materials that absorb them. In addition, metal siding can be a low-maintenance material.

Fiber cement siding is eco-friendly, crafted from natural materials. Although vinyl siding isn’t formed from the most environmentally friendly materials, there is little waste with this type of siding, and insulated options can be energy-efficient.

Recommended: Solar Panel Financing in 4 Ways

Colors with Curb Appeal

Siding color plays a big part in a home’s curb appeal. Combinations of colors and textures can evoke certain feelings, such as using green siding with wood accents to create a natural feel to a home.

When selecting a color scheme, personal taste enters in, but an overall goal might be a compromise between your favorite hues and materials and blending in with the neighborhood.

Some communities may have homes with more subdued hues while others boast more colorful options.

Colonial homes may look best in a single classic color, while cottage-style or Victorian homes may provide a homeowner with more freedom of expression.

Recommended: Four Ways to Upgrade Your Home

Realistic Textures

In the past, siding materials could look “plastic,” rather than mimicking natural grains and textures. Today, though, siding materials often look more attractive and realistic.

When on a budget, vinyl siding can masterfully imitate wood siding at a lower cost with a greater ease of installation. If on a mid-range budget, an option might be fiber cement siding, which combines sand, cellulose and cement; comes in a variety of colors; and can be imprinted with various patterns.

With a bigger budget, stone and brick veneers are an option, as are stucco and new materials that mimic stucco. These choices can give a home a distinctive appearance.

Costs of Home Siding

The cost of new siding will depend on the size of your house, the type of siding you choose, and where you live. Generally, new siding costs as follows:

•   Vinyl siding: $3-$12 per square foot

•   Stucco: $7-$9 per square foot

•   Wood: $1-$15 per square foot

•   Aluminum: $3-$6 per square foot

•   Brick: $10-$20 per square foot

•   Brick veneer: $3-$10 per square foot

•   Stone: $7-$30 per square foot

•   Stone veneer: $5 to $11 per square foot

•   Fiber cement: $7 to $18 per square foot

As of mid-2025, a full replacement job, on average, can run $11,529, according to Angi. Keep in mind, though, that each project is unique and older homes may have additional issues that will need to be addressed during a home renovation process. Plus, if a home is old enough to be designated as historic, there will likely be guidelines that need to be followed, which can add to the price tag of improvements.

Beside the materials used and the size of the home, other factors that impact cost include the shape of the house, with those having multiple stories or with eaves and turrets typically being more expensive than a home with a more streamlined structure.

Another factor can be the time of year when the siding is installed, with peak seasons usually more expensive than off-season projects.

It can make sense to get a customized quote for a siding project because there are so many factors that can affect the price.

It may be helpful, too, to compare quotes received to what it costs to paint the exterior of a home.

The cost to paint a home’s exterior ranges from $1.50 to $8 per square foot. Although painting is typically less expensive, siding can last for decades, while the exterior of homes often need to be painted every five to 10 years.

Siding ROI

Replacing your old siding can significantly increase the value of your home. Exactly how much it will add to the value will largely depend on the type of material you choose.

Going with fiber cement siding, for example, could add about $17,000 to the value of your home, which translates into about a 88% return on investment.

You may want to use an online ​​home improvement ROI estimator to get a sense of how much your choice of siding will impact the resale value of your home.

Paying for House Siding

If you run the numbers and the cost of your home siding project is more than you can comfortably cover in cash, you may want to consider some type of financing.

One option is to take out a home equity loan or line of credit. These loans are based on the equity you have built up in your home and use your home as collateral for the loan.

Another option is a home improvement loan. This is essentially an unsecured personal loan that is used for home repairs or upgrades. You receive a lump sum up front which you can use to pay for new siding; you then repay the loan (interest plus principal) over a set term, often one to seven years, with regular monthly payments. Interest rates are typically fixed.

Recommended: How to Apply for a Personal Loan

The Takeaway

Siding is your home’s first line of defense against weather and pests and also establishes the look and feel of your property.

Replacing your siding can seem like a big undertaking with typical costs more than $10,000, but fortunately you typically only have to do it once. Plus, you can often make up much of the out-of-pocket cost when you resell your home, thanks to the relatively high ROI on this type of remodel. If you’re interested in replacing your siding but not sure how to cover the costs, a personal loan could help.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. See your rate in minutes.

FAQ

What is the cheapest siding to put on a house?

The most affordable kinds of siding are typically vinyl, wood, brick veneer, and aluminum.

How much does new siding cost?

As of mid-2025, new siding for a house costs an average of $11,529.

Does new siding have a good ROI?

Yes, new siding typically has a good return on investment. Currently, the ROI is 80% of the money spent redoing siding.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

SOPL-Q225-074

Moving can be stressful. Making sure your fragiles are packed so they don’t break, deciding on a DIY move or hiring professional movers, managing security deposits or down payments on both ends of the move — moving cross country could overwhelm even the most relaxed person.

But there are steps you can take ahead of time to help make the process go more smoothly.

Reduce, Reuse, Recycle

The three Rs aren’t just good environmental stewardship — they’re also essential for planning a cross-country move.

After all, moving is a great time to embrace your inner minimalist and get rid of absolutely everything that’s no longer needed. Not only does decluttering help cut down on moving costs, it also helps you avoid filling up the new place with meaningless stuff.

Instead of just throwing away unwanted goods, trying to find them a new home might give them a second life. Furniture items can be sold online or in consignment stores to raise a bit of extra money for the moving fund, or they can be donated to a thrift store.

Professional clothes that are no longer worn could help someone if donated to a job readiness program. Animal shelters often take donations of old sheets and blankets to make cuddly beds for their charges.

Local freecycle or buy-nothing groups can also be great places to unload unwanted home goods. You never know who has a use for those five dish strainers you’ve somehow accumulated.


💡 Quick Tip: Some lenders can release funds as quickly as the same day your loan is approved. SoFi personal loans offer same-day funding for qualified borrowers.

Pack Like a Pro

Once you’ve decluttered, it’s time to get packing. Resist the urge to throw everything into a medium-sized box and call it a day. Taking the time to pack up your home like a professional will make moving — and the subsequent unpacking — a whole lot easier.

First, gather your packing supplies. You’ll want to make sure you have plenty of boxes of varying sizes, several rolls of packing tape, large black markers, scissors, a utility knife, and several types of packing materials, like old newspaper, bubble wrap, and even old rags or sheets.

Start by packing up non-essentials, like seasonal home goods, out-of-season clothes, and rarely used kitchen goods.

Make sure to wrap all fragile items in paper or bubble wrap before putting them in boxes. Plates can be packed next to each other vertically, which helps prevent breaking. Likewise, adding a layer of crumbled newsprint or packing paper on the bottom of your box can also help prevent breakage.

Aim to keep each box light enough to lift alone, with heavy items on the bottom and lighter items on top. Don’t forget to pack similar items together. No one wants to arrive at their new home and find their dishes somehow got packed next to the cat’s litter box.

Recommended: 21 Items That You Can Recycle for Money

Choose Your Mode of Transportation

One of the most challenging parts of planning a move across the country — or even to another state — can be planning the actual transportation. Will you fly, and then ship your cargo to your new home? Hire a moving company to pack everything up and unpack it at your new place? Rent a cargo trailer and drive across the country?

Each option has its benefits and its drawbacks, but choosing the mode of transportation that best fits your needs and budget can help keep your move as stress-free as possible. And, depending on the mode you choose, it could help you keep your budget intact, too.

Hire a Moving Company

The easiest, and usually the most expensive, option is to hire a moving company and let them take care of the details. Using a moving company for a cross-country move can mean moving costs between $2,000 and $10,000. That figure can rise when you add in fuel costs, fees, and insurance.

Some moving companies will send someone out to take a look at how much stuff you plan to move to give a more accurate cost estimate or do a FaceTime call for the same purpose. They may also estimate the weight of the load and calculate how far you plan on moving when giving you the final estimate.

If you’re hiring movers, one way to cut down on expenses is to pack and unpack your stuff yourself. Asking for personal recommendations, reading online reviews, and getting a few different quotes before deciding on a moving company can help you get the best company for your needs.

Ship Your Belongings

If you don’t have any big furniture to move, you may be able to get away with shipping your goods and hopping on a plane with just your essentials.

Shipping your goods as freight can be a more affordable option, whether you send them via mail, train, or even take a few boxes as checked baggage on the flight.

The downside is that unless the boxes are traveling on your flight with you, you may end up waiting a while for them at your destination. And, like all mail, there is always a chance things could be lost or damaged during the journey.

Rent a Truck or Trailer

Many movers choose to take the DIY route and rent a cargo truck or trailer to haul their worldly possessions. This can be a budget-friendly option, but remember that for all the cost savings, you’ll be putting in a lot more hard work.

You’ll need to pack and load all your boxes and furniture into the trailer yourself. On top of packing, you’ll also have to be comfortable driving the cargo truck or trailer the hundreds or thousands of miles that lie between you and your destination.

Budgeting for Your Move

Still wondering how to move across the country without going broke? There’s no doubt about it: Moving is expensive.

As you make your moving budget, don’t forget to include the additional costs of moving, like a down payment on your new place, or first and last month’s rent, and the cost of setting up your new home with all the essentials.

On top of that, moving often coincides with changing jobs, which may mean that you have a few weeks where you could be without a paycheck. All of this makes moving across the country financially draining for many people.

If you know you’ll be moving in the future, saving up now and using any money you make selling unwanted goods can be a good way to build up your moving fund.

Some people, however, realize they need a little more help in covering the upfront costs of moving across the country. When you need quick cash for your move, a relocation loan (which is an unsecured personal loan) can be an option worth exploring, as some lenders disburse loan funds within a few days. The money can cover a wide range of moving costs, from deposits to storage to professional movers, transportation, and even hotel stays.

A personal loan may offer lower interest rates than many credit cards do and, unlike a credit card, a personal loan is not revolving credit. That means the loan is for a set amount of money and paid back over a fixed period of time.

Recommended: Get Your Personal Loan Approved

The Takeaway

Moving across the country can be overwhelming, but there are ways to help make the process feel less stressful. Getting rid of things you no longer want or need is a good place to start. Just as important is how you plan on transporting your belongings to your new home. As you’re creating your moving budget, be sure to factor in the cost of setting up your new home. This may include the down payment or security deposit on your new place and paying for groceries, new furniture, and other essentials. A personal loan may be a good option to cover these costs.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. See your rate in minutes.

FAQ

What’s the least expensive way to move cross country?

The least expensive way to move cross country can involve selling what you don’t need before moving; finding used, free shipping supplies; shipping items or driving them yourself; and enlisting friends and family to help.

How much money should I save before moving cross country?

Moving cross country can require anywhere from $2,000 to $8,000 in moving expenses alone. There may also be funds needed for a security deposit on a place to live and expenses to be paid while you job-hunt. For these reasons, many experts advise having at least three to six months’ worth of living expenses saved before moving cross country.

When is the cheapest time to move?

The cheapest time to move is typically in January or February, when you could save 30% vs. moving during the most popular season, which is summer.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

SOPL-Q225-052

You’ve decided to buy a home. Luckily, you’ve found a real estate agent who can help you find homes to look at and assist with negotiations and inspections. But what if that agent also works for the seller? That is called dual agency, and there’s a lot to consider before agreeing to the arrangement.

Here’s what future homebuyers need to know about dual agency to help decide if it’s the right choice for them.

What Is Dual Agency?

A dual agent represents both the buyer and seller in the same real estate deal. Dual agents are also sometimes referred to as transaction brokers.

Dual agency can be controversial and is banned or severely limited in eight states: Alaska, Colorado, Florida, Kansas, Maryland, Oklahoma, Texas, Vermont, and Wyoming.

Other states do not explicitly make it illegal, but some do warn against using a dual agent.

For example, the New York Department of State issued a memo advising consumers to be extremely cautious when signing on with a dual agent because in doing so they forfeited their right to an agent’s loyalty.

However, in every state where dual agency is legal, the law requires agents to disclose their work with both the buyer and the seller. Both buyer and seller must agree to use a dual agent and sign a consent form indicating they understand what they are agreeing to.

Dual agency may also refer to deal-making of seller’s agents and buyer’s agents at the same real estate company.

For example, Keller Williams, one of the largest real estate firms in the nation, has both seller’s and buyer’s agents. If one of its seller’s agents puts a home on the market, there’s a decent chance that one of its buyer’s agents may have a client for the property.

This is less controversial and poses fewer issues as it is still two separate people overseeing the seller’s and the buyer’s interests.

Recommended: How to Buy a House Without a Realtor

What Are Agents’ Fiduciary Responsibilities?

Real estate agents are legally bound to represent the best interests of their clients. This means agents must disclose any information they have that may or may not help their clients in the negotiating phase.

The obligation to disclose could pertain to information on home inspection reports, defects with the house, or anything else that affects the property’s value.

While representing a buyer, an agent must also disclose any existing relationship with the seller.

Be sure to ask real estate agents important questions about how they work and what they’ll do for you so you’ll know whether they’re the right agent for your needs.

A seller’s agent must disclose any relationship with potential buyers and all offers made on the property—unless, in general, the seller has instructed his agent in writing to withhold certain kinds of offers.

Real estate agents are also expected to put their clients’ financial best interests above their own. This could mean putting in an offer below asking price, which would reduce their own commission.

With all of that in mind, it becomes clear that issues of loyalty and confidentiality become challenging in a dual agency situation.

💡Quick Tip: When house hunting, don’t forget to lock in your home mortgage loan rate so there are no surprises if your offer is accepted.

Pros of Dual Agency

Smoother communication: Having one agent representing both the buyer and seller could help create a smoother communication path. Because the person represents both parties, they may be able to speed up any negotiations. In this case, the dual agent may also understand both the seller’s and the buyer’s timelines, their schedules, and any internal deadlines better than two separate parties could. Buyers wouldn’t have to wait for the seller’s agent to call back and sellers wouldn’t have to wait for a buyer’s agent to call back, because with dual agency they are the same person.

Potentially more information on the home: A dual agent may be able to obtain more information on the home than an agent just representing the potential buyer. In turn, they can relay any pertinent information, such as structural issues, inspection reports, and any updates made to the home, to the potential buyer.

Potentially more access to a larger pool of homes: Remember, dual agency also means a buyer’s agent and seller’s agent working for the same agency. That means, if one home doesn’t work out, the two agents could look internally to find more potential homes their agency represents for the would-be buyers. They may even be able to find a few homes that haven’t hit the market yet.

Possibility for a discount on commission: In a typical real estate transaction, the seller’s agent and buyer’s agent split the commission. A dual agent may be willing to negotiate down their commission since they are double-ending the deal.

Dual agents still have to do their job: In the end, even dual agents must present all offers, prepare all paperwork, present all disclosure agreements, and help to complete the deal.

Recommended: 10 First-Time Homebuyer Mistakes to Avoid

Cons of Dual Agency

Buyers (and sellers) won’t get special treatment: Agents only working for one side will likely be willing to go all out for their client to ensure that the client gets the best deal. An agent working for both sides may be more tempted to get the best deal for themselves to maximize the commission (hey, it’s just human nature to look out for No. 1). A buyer (and a seller) usually wants loyalty above all else when looking for a home. Homebuyers may want to seek out someone who knows what’s needed to buy a house and has their back.

Buyers (and sellers) may not get the price they want: Again, a dual agent’s allegiances are split down the middle during the deal-making process. A seller’s agent is meant to promote the home and get the seller the best price for the home with the fewest contingencies.

A buyer’s agent is on a mission to find every tiny thing that needs to be fixed with the home to get the buyer the best deal they can. If a person is representing both sides, how can they do both? It’s important to discern an agent’s allegiances before signing on the dotted line.

No pushback from the other agent: In a two-sided real estate deal, the two agents will typically go back and forth on the home’s price, any reductions the buyer may want in exchange for repairs, the home’s inspection report, and much more. This creates a system of checks and balances for both sides, which can be important when negotiating a fair deal. However, if one person is playing both sides, things may get muddled, hurting both the seller and the buyer.

The Takeaway

Dual agency is rare in the real estate world because most buyers and sellers want to find an agent who is loyal to them and has their best interests at heart. Still, if you find yourself in a dual agent situation, there is much to know.

There’s another important decision most homebuyers must make: getting the right home loan. Different lenders may offer different terms, rates, or perks that may fit a buyer best.

Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.

FAQ

Is having a dual agent a good idea?

Dual agency isn’t necessarily a good idea and is banned or strictly limited in eight states. A dual agent’s allegiance may be split between the buyer and seller, and most buyers will prefer a dedicated agent. Real estate agents are fiduciaries and obligated to put their client’s interests before their own, but that may be difficult when they have clients on both sides of a transaction.

What is a common challenge with dual agency?

A common challenge with dual agency is that the agent’s allegiance is split since they represent both the buyer and the seller. While this can facilitate some communications, it may raise problems in terms of whose interests the dual agent is representing.

Do dual agents get double commission?

Typically, in a real estate deal, the agent representing the buyer and the agent representing the seller divide the commission between them. If there is a dual agent — someone who represents both parties s

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.

SOHL-Q225-163

With the rising price of tuition, fees, and room and board at four-year public colleges and private nonprofit institutions, more students in all income brackets have been taking out student loans.

If you’re wondering where to get a student loan for college, you have two options. The first is getting a federal student loan through the government. Federal student loans account for more than 93% of all student loan debt. The second option is a private student loan, which is given by a bank, credit union, or online lender. Private student loans are not based on need, but rather your college’s cost of attendance, your credit profile, and your income (or your cosigner’s income).

Keep reading for more on where to get a student loan, including both federal student loans and private student loans.

Prioritizing a Plan

When creating a plan to fund college education, it’s wise to first explore any avenues for free money in the form of grants and scholarships.

By taking a look at the remaining balance after any free money has been found, exploring federal loans can be a smart next step. They come with income-based repayment options and the ability to request loan forgiveness under some circumstances. There are also work-study programs that can help students earn money while attending college.

If all needs are not covered, then there are private student loans to consider, along with Direct PLUS Loans that parents can apply for to get funds for their children.

After that, some people may seek out personal loans to cover living expenses while in school and/or emergency loans from the college.

Here are more specifics about these options.

Where to Get a Federal Student Loan

To obtain any kind of federal student loan, a student must first fill out the Free Application for Federal Student Aid, commonly called the FAFSA®.

After filling out this form, a student will have insights into what federal funding is available for them, along with work-study options. More specifically, each school that a student applies to can send a financial aid offer letter, which includes information about how to apply for student loans that they qualify for.

Two broad types of federal loans are:

•   Direct subsidized loans: Direct Subsidized Loans are for undergraduates that demonstrate financial need. With this loan, the U.S. Department of Education pays the interest while the student is enrolled at least half-time, during the grace period after leaving school, and during any deferment periods.

•   Direct unsubsidized loans: Direct Unsubsidized Loans are available for undergraduate students, as well as graduate and professional ones, that do not demonstrate financial need. Interest begins accruing right away.

Where to Get a Private Student Loan

A variety of financial institutions offer private student loans and have their own criteria for qualification. Some allow students to apply online and can give quick responses, while others go a more traditional route with in-person applications.

Private lenders will typically review a student’s income, plus that of any cosigner, along with credit histories and more to make lending decisions. A lender might grant a private student loan to someone whose credit isn’t stellar, but charge a higher interest rate.

When applying for a private student loan, it’s important to understand the loan terms before signing the note. This includes the interest rate and whether the rate is fixed (staying the same over the life of the loan, with the principal and interest payments also staying the same) or variable.

Pros of Private Student Loans

Benefits of private student loans can include the following:

•   They can bridge the gap between what is owed after federal student loans are applied to the balance and what is needed to attend college.

•   Students can apply for them any time of the year, without the strict deadlines associated with federal loans.

•   Borrowers may have more choices in interest rates and terms.

•   The loans may not include origination fees or prepayment fees, although that isn’t universally true.

Cons of Private Student Loans

Potential cons can include these:

•   It isn’t unusual for a private lender to require a cosigner because college students often don’t have enough income to qualify or have established a good enough credit profile to get the loan on their own.

•   Students who are considered a higher credit risk may pay more in interest.

•   Private student loans don’t come with many of the benefits associated with federal loans, such as forgiveness programs and income-based repayment plans.

•   Students may borrow more than they can ultimately afford, and these loans are typically not dischargeable in bankruptcy proceedings.

Recommended: A Complete Guide to Private Student Loans

Other Types of Loans

In addition to federal and private student loans, students and their families may consider other borrowing options to cover educational expenses.

Parent PLUS Loans

Students and parents can consider the Parent PLUS Loan, in which parents can apply for federal funding to help their children attend college.

Eligibility for a Parent PLUS Loan isn’t based on financial need, but credit is checked. If applicants have a credit history that’s considered “adverse,” they “must meet additional requirements to qualify.”

According to the Federal Student Aid office, adverse credit can include:

•   Having accounts that, in total, have an outstanding balance of more than $2,085 and are at least 90 days delinquent.

•   A default or a bankruptcy discharge during the previous five years.

•   Involvement in a foreclosure, repossession, or tax lien situation in the previous five years.

•   Write-off of federal student loan debt or wage garnishment during the past five years.

Qualifying parents of a dependent undergraduate student can receive funding through this loan program to cover education-related costs that are not covered by other financial aid.

Personal Loans

It’s also possible to apply for personal loans from financial institutions to cover living expenses during college or to address an emergency. There are downsides to this, though, including:

•   Interest rates will likely be higher than student loans, along with shorter payoff periods (which means principal and interest payments can be higher).

•   There isn’t typically a grace period, which means repayment starts right away.

•   These loans don’t come with deferments or forbearance, as can be available through federal student loans.

Emergency Loans

In an emergency, a student might want to reach out to the college financial aid center to see if the school offers emergency loans for those in need. These loans would not typically be large, perhaps $1,000 to $1,500, but might be enough to address a dire situation.

Each college has its own guidelines, so check them out carefully. Some charge interest; others may not. Some may charge a service fee; others may not. As with personal loans, repayment may start immediately, so factor that into budget planning.

The Takeaway

When exploring options to finance a college education, it’s essential to understand the various student loan avenues available and where to get them. Federal student loans, accessible through the Free Application for Federal Student Aid (FAFSA), often offer lower interest rates and flexible repayment plans. Private student loans, provided by banks, credit unions, or online lenders, can help bridge funding gaps but may come with higher interest rates and less lenient repayment terms.

If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.

FAQ

What are the main sources for obtaining a student loan?

The two primary sources for student loans are federal student loans provided by the government and private student loans offered by banks, credit unions, and online lenders. Federal loans account for over 93% of student loan debt and are typically based on financial need, while private loans depend on creditworthiness and income.

How do I apply for a federal student loan?

To apply for a federal student loan, you must complete the Free Application for Federal Student Aid (FAFSA). After submission, you’ll receive information on the types and amounts of federal aid you qualify for, including work-study options. Each school you apply to will send a financial aid offer letter detailing your eligible loans.

When should I consider private student loans?

Private student loans can be considered after exhausting federal aid options. They can bridge the gap between the remaining cost of attendance and the amount covered by federal loans. Private loans are based on creditworthiness and may require a cosigner. They often lack the benefits of federal loans, such as income-driven repayment plans and loan forgiveness programs.

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student loans are not a substitute for federal loans, grants, and work-study programs. We encourage you to evaluate all your federal student aid options before you consider any private loans, including ours. Read our FAQs.

Terms and conditions apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. SoFi Private Student loans are subject to program terms and restrictions, such as completion of a loan application and self-certification form, verification of application information, the student's at least half-time enrollment in a degree program at a SoFi-participating school, and, if applicable, a co-signer. In addition, borrowers must be U.S. citizens or other eligible status, be residing in the U.S., Puerto Rico, U.S. Virgin Islands, or American Samoa, and must meet SoFi’s underwriting requirements, including verification of sufficient income to support your ability to repay. Minimum loan amount is $1,000. See SoFi.com/eligibility for more information. Lowest rates reserved for the most creditworthy borrowers. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change. This information is current as of 4/22/2025 and is subject to change. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

SOISL-Q225-044